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Michael Blum Joins Kettler as Senior Vice President and Chief Investment Officer

April 2, 2007

Kettler (formerly KSI), one of the Washington area’s leaders in real estate development and property management, announced today that Michael Blum has joined the company as senior vice president and chief investment officer.

As chief investment officer, Blum is responsible for overseeing the negotiation, underwriting, due diligence, and closing of land and existing multifamily projects, condominiums, retail, residential and commercial assets.

“Mike is a talented veteran of the real estate industry who brings a unique perspective with his real estate and finance background,” said Robert C. Kettler, founder, chairman and CEO of Kettler. “There is no doubt that Mike will have an immediate, positive impact. His broad range of experience is an asset that will make Kettler a stronger organization.”

Blum will oversee existing and future equity joint venture relationships and agreements, the RFP process for all investments, as well as new business opportunities.

Blum has over 20 years of experience in the real estate development and finance industry. He began his real estate career at Bank of America and later, Freddie Mac. Blum then joined Kettler as vice president of multifamily development in 1996. After spending several years with Monument Realty LLC and JPI, Blum recently rejoined the Kettler team.

Blum received his B.A. in Business Management from Franklin & Marshall College and received his MBA in Finance from the University of Baltimore.

About Kettler

Based in Northern Virginia, Kettler is a leading developer of award-winning, mixed-use residential and commercial properties across the Washington Metropolitan area. In 2006, Kettler was named one of the area’s largest private companies by the Washington Business Journal and is one of the nation’s Top 15 multifamily developers. Kettler has developed more than five million square feet of commercial space and more than 50,000 homes. Current projects include urban and transit-oriented developments, multifamily housing, commercial and mixed-use developments and resort communities. Robert C. Kettler, a third-generation builder and developer, founded Kettler in 1977. Further details may be found at www.kettler.com